‘PayPal Complete Payments’ all-in-one platform will simplify cross-border transactions for Chinese businesses, helping them expand globally.
PayPal has introduced “PayPal Complete Payments” in China to enhance operational efficiency and improve customer conversion rates for Chinese merchants, empowering them to succeed in global markets.
PayPal’s platform includes tools for currency conversion, risk management, and secure payments, supporting various payment methods. Therefore, ‘Complete Payments’ simplifies cross-border transactions for merchants in China with features like RMB Transfer, Vendor Payouts, and optimised risk management tools. Leveraging its global resources, PayPal will gradually introduce additional platform features to fully support Chinese businesses in cross-border transactions.
At launch, PayPal’s global and China management teams engaged with over 700 merchants from across the country along with partners. The interactions were designed to provide insights into PayPal’s global and local business strategies, cross-border payment solutions, industry trends, and specific business growth initiatives that would be particularly useful for Chinese small businesses.
Besides, PayPal collaborates closely with leading financial institutions and technology platforms in China to develop solutions tailored to the needs of local merchants and consumers. The firm has already integrated with several e-commerce platforms – including Shoplazza, Shopyy, Ueeshop, BigCommerce and WooCommerce.
PayPal supports transactions in over 200 countries and 100 currencies, offering access to over 400 million active users. Hence, using its platform will give Chinese merchants seamless access to a vast global user base. Meanwhile, RMB Transfer and Vendor Payouts facilitate settlements from PayPal accounts to domestic bank accounts, addressing common challenges in traditional cross-border payments.
PayPal has been providing online payment services in China since 2019 when it became the first foreign payment platform to receive such a license in the heavily state-regulated country.
“As of date, PayPal has facilitated the global expansion of many Chinese businesses. With PayPal’s unique two-sided network and technological advantages, we will continue to enhance and optimize the system and product capabilities of PayPal China, empowering Chinese merchants to expand business globally through more diversified cross-border payment solutions.”
Hannah Qiu, Senior Vice President, China CEO, PayPal
